An abandoned classical building on West Peachtree Street across from Emory University Midtown Hospital will reportedly be transformed soon into a dual-branded hotel.
Very soon, it seems.
According to multiple sources, Arriba Capital has procured more than $40 million in financing to bring a Fairfield Inn & Suites/Towneplace Suites hybrid to 524 West Peachtree Street, adjacent to Baltimore Block.
The news, first reported by Commercial Executive Magazine, confirms branding expectations revealed last year.
However, according to the report, the project will be a departure from previously released renderings showing the existing structure preserved and incorporated into the hotel.
Between the two brands, 194 rooms are planned. The financing is for “ground-up” construction, meaning it’s possible the 1920s building, which started life as a car dealership, could be slated for the wrecking ball.
Another indication is that plans call for seven stories of rooms atop five stories of parking, totaling 220 spaces.
However, a rendering accompanying the article shows the same proposal that was floated last year.
Guests at the two properties will have access to a market, meeting spaces, fitness room, business center, and breakfast area. Back-of-house service operations will be consolidated between the two hotels.
Unpermitted demolition work began last fall and was stopped by the city, leaving the blighted building exposed to the elements. The news of financing is welcome for those tired of the structure sitting as an eyesore.
Such a deal has been in the works for years; in 2015, the building owner indicated plans were afoot for the development of an eight-story hotel on the site, requiring the demolition of the existing structure.
The Atlanta Journal-Constitution indicates the hotel property would be ready to capitalize on the 2019 Super Bowl in town, though that timeline seems suspect with less than 11 months until the event.
- Arriba Capital secures $40.7mm ground-up construction loan for a dual-branded Marriott Fairfield Inn & Suites and Towneplace Suites in Midtown Atlanta [Commercial Executive Magazine]
- New dual-brand Fairfield, TownePlace planned for Atlanta [Atlanta Journal-Constitution]
- Rendering reveals potential future for classical SONO property [Curbed Atlanta]